Legislation has just recently passed for the new “V2 JobKeeper” rules in relation to the Alternative Tests which become available today. Employers will need to re-apply for the JobKeeper extension whereby broadly speaking, they would satisfy the ‘Basic Test’ by comparing the September 2020 Quarter GST Turnover to the same 2019 quarter and demonstrate at least a 30% decline in the GST turnover. Please refer to our emails previously sent for these earlier progressive updates. If this is not met, eligibility may still be sought by applying the ‘Alternative Tests’.
In summary, these alternative tests are the same as “V1 JobKeeper” with minor adjustments to the GST turnover utilised and turnover test/comparison periods. The alternative tests available are:
|1||Business commenced||Business did not exist during the comparison period applicable|
|2||Business acquisition or disposal||Entity acquired or disposed part of the business after the relevant comparison period|
|3||Business restructure||Entity undertook a restructure after the comparison period (i.e. wouldn’t be considered the same business anymore)|
|4||Substantial increased in turnover||Entity still experiencing its growth phase|
|5||Business affected by drought or natural disaster||Entity was affected by drought or another natural disaster during the relevant comparison period|
|6||Business has an irregular turnover||Business subject to large irregular variances in turnover before the test period and the business is not cyclical or seasonal in nature|
|7||Sole trader or small partnership with sickness, injury or leave||Periods of leave during the comparison period impacted an individual’s ability to generate turnover|
Please contact us as soon as possible if you require any assistance.